Mack-Cali has sold two Boston apartment buildings and bought one Jersey City property in an $800 million trade.
The company announced it has purchased Liberty Towers, a 648-unit residential tower on the Jersey Gold Coast as part of a 1031 tax exchange/
It has sold the Chase at Overlook Ridge and Alterra at Overlook Ridge located in Boston, Massachusetts. The sale of the Overlook Ridge properties is expected to close by the end of October.
The Overlook Ridge properties are under contratc to Rockpoint Group for $411.5 million. The properties, developed by Mack-Cali’s Roseland Residential Trust subsidiary, were completed in 2014 and 2008.
Proceeds from the sale of the Overlook properties will be used to fund Mack Cali’s purchase of Liberty Towers for $409 million. The purchase was initially financed with a $232 million mortgage and the company’s line of credit. Sales proceeds from the Overlook Properties will be used to repay the credit line.
Michael J. DeMarco, Chief Executive Officer, stated, “We are pleased to further add to our portfolio on the highly desirable Jersey City waterfront through the efficient sale of a portion of our Boston multifamily properties and the purchase of Liberty Towers.
“This transaction allows us to further concentrate our capital on the waterfront where we believe our market share and operating familiarity with the community should allow us to enhance the performance of Liberty Towers.”